Mosel Vitelic CFO steps down in wake of poor figures

Shares continue to slip and slide

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The rocky ride at DRAM maker Mosel Vitelic continues after the Taiwanese company lost its chief financial officer, William Chen, yesterday. Chen's departure sent shares in Mosel Vitelic plunging to their lowest point since 11 October, falling 2.8 per cent in one day - which adds up to an 8.1 per cent drop over two days.

Only last week, Mosel announced that it had lost NT$3.5 billion ($110 million) in the first nine months of the year. This loss means Mosel is the second largest loss maker out of more than 600 companies listed on Taiwan's main index. The company blamed the glut of DRAM chips earlier this year - and the corresponding fall in prices - for its troubles.

According to the Bloomberg newswire, Chen may have quit because of personal clashes with the company's chairman, Hu Hung-chiu. Chen had been at the company for nine years. He has also stepped down from his posts on the boards of two other Mosel companies - ChipMos and ProMos. He remains chairman of TwinMos, the group's smallest company. The official reason for his departure was given as "personal reasons". ®